Hermes files new civil legal action against LVMH
According to French daily Les Echos, French luxury maison Hermes has filed a civil lawsuit against luxury giant LVMH following the conclusions of the investigations conducted by AMF – the French stock exchange regulator, which concluded the fraudulous use of ‘equity swaps’ by LVMH to build up its 22,6% stake in Hermes. In its 40 page court filing, Hermes calls LVMH’s actions “most important fraud in the history of the French stock market”.
With its new legal action, Hermes demands that LVMH sell back the stock to the three banks Societe Generale, Natixis and Credit Agricole — which are themselves accused in court of acting as de-facto fronts for the alleged takeover attempt. There is a separate investigation which is being pursued by AMF which proposed to its assembly a 10 million euros fine for LVMH, the final decision being expected July 10.